Consider the information given in the table below. Calculate the gross profit ratio. Account Amount Sales revenue $720,000 Salaries expense $135,000 Inventory (beginning) $22,500 Sales returns $5,400 Utilities expense $4,800 Cost of goods sold $425,000 Rent expense $18,000 Interest expense $3,200 Income tax expense $24,000 Inventory (ending) $19,800 Interest income $8,500

Consider the information given in the table below. Calculate the gross profit ratio. Account Amount Sales revenue $720,000 Salaries expense $135,000 Inventory (beginning) $22,500 Sales returns $5,400 Utilities expense $4,800 Cost of goods sold $425,000 Rent expense $18,000 Interest expense $3,200 Income tax expense $24,000 Inventory (ending) $19,800 Interest income $8,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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